As the clock ticks down at COP29 in Baku, Azerbaijan, a new draft deal has emerged, presenting two competing financing options for addressing global warming. This development underscores the persistent divide between rich and developing nations on the financial support needed to combat climate change.
The draft recognizes the necessity of a trillion dollars per year to aid poorer countries, yet both proposals conspicuously leave the exact amount unspecified, marked simply with an \"X.\"
Key issues such as the distribution of payments, the total funding required, and the nature of the financial assistance remain unresolved, with only one day left in the negotiations.
Li Shuo, director of the China climate hub at the Asia Society Policy Institute, commented, \"The new finance text presents two extreme ends of the aisle without much in between.\"
As delegates strive to bridge these gaps, the international community watches closely, recognizing that the outcome of these talks will have significant implications for global climate action and economic cooperation.
Reference(s):
cgtn.com
